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Gencom, Mohari Hospitality Secure $130M via Lotus Capital for Ritz-Carlton in Costa Rica
Lotus Capital Partners, LLC, has arranged and structured a $130 million construction financing package for Nekajui, a Ritz-Carlton Reserve Hotel & Residences in Costa Rica. The borrower was a joint-venture affiliate of Miami-based Gencom and Mohari Hospitality.
The $130-million floating rate financing to develop the property was comprised of a senior syndicate of three lenders led by Banco BCT and structured with a mezzanine tranche provided by Monroe Capital.
The mixed-use hotel and branded residential development will be within Peninsula Papagayo, a 1,400-acre master-planned resort community along Costa Rica’s northern Pacific coast, a market noted for its strong North American tourism demand and high barriers to entry.
The property will consist of an elevated ultra-luxury boutique resort and branded
residences consisting of 107 guest rooms and suites, plus 36 luxury residential estate homes and villas. The property’s residences are currently more than 70% sold, accounting for approximately $180 million in total sales at price points ranging between $3 million and $13 million.
- ◦Development
